STRATAFOLIO has customizable Subcategories for all Operating Expenses. For NNN leases, most of the expenses will be CAM, Insurance, and Property Taxes. Depending on the level of detail needed on the CAM Reconciliation Report, it can be broken down into more specific subcategories such as snow removal, parking lot, elevator, light bulbs, or whatever other categories the budget and lease required. This report is intended to be shared with your tenants, so only include the subcategories that you want to share the specifics for.
Subcategories are also customizable per Lease in STRATAFOLIO. Not all tenants pay for the same expenses, and this is determined by the lease, so only the expenses that they have agreed to pay in the lease for should be added. The example below has the standard subcategories added.
- Janitorial (if applicable)
- Lawn Care and Landscaping
- Repairs & Maintenance
- Snow Removal (if applicable)
- Utilities
- Insurance
- Real Estate Taxes
How do I add a new Subcategory to my portfolio?
Subcategories should have been added for you as part of the Onboarding process. Some times, you may need additional Subcategories added to your portfolio.
New Subcategories can be added on the main Organization page. Open the Operating Expenses tab.
Select Add An Op-Exp Subcategory to add a new Subcategory.
Select the Operating Expense Category to use in the drop-down
- CAM
- Insurance
- Real Estate Taxes
- Other Non-Reconciliable Expenses
- Reconcilable Expense
Type the Operating Expense Subcategory Name. Make sure to be specific, as this information will be displayed on the Tenant’s CAM Reconciliation Report.
Is this Subcategory Controllable or Non-Controllable? This is the default setting for the Subcategory only. N/A can also be selected as Expense only and is the typical set up during Onboarding. This can be changed on each lease as needed.
NOTE **Changing the Subcategory to Controllable or Non-Contollable here, does not change the leases that have already been added to STRATFOLIO. If any changes need to be done, it will need to be done at the lease level.
After adding, you will need to add the Subcategories to the lease(s) they apply to and map them to your QuickBooks account. For more information on how to map the QuickBooks account, see our Knowledge Base article How to Map A New QuickBooks Account in STRATAFOLIO.
